POST-MARKET SUMMARY 21st March 2024

On March 21, the Sensex and Nifty 50 closed higher, driven by a surge in global markets following the US Federal Reserve's decision to uphold its forecast of three rate cuts this year, which bolstered investor confidence. Every sector concluded with gains, with Nifty Realty and Nifty PSU Bank experiencing the most significant increases, while Nifty Bank and Nifty FMCG recorded comparatively modest gains.

NIFTY:  The index opened 150 points higher at 21,989 and made a high of 22,080 before closing at 22,011. Nifty has formed a small bullish candlestick pattern with upper and lower shadows on the daily chart. Its immediate resistance level is now placed at 22,080 while immediate support is at 21,930.

BANK NIFTY: The index opened 364 points higher at 46,674 and closed at 46,684. Bank Nifty has formed a Doji sort of candlestick pattern on the daily chart. Its immediate resistance level is now placed at 46,900 while support is at 46,400.

Stocks in Spotlight

▪  Muthoot Finance:  Stock zoomed 6% after gold surged to a new high following dovish commentary from the US Federal Reserve.

▪  Jupiter Wagons:  Stock jumped 3% after the company completed the acquisition of Bonatrans India Private Limited for Rs 271 crore through a share-purchase agreement with its shareholders.

▪  Wipro: Stock gained 1.5% after the company appointed Anne-Marie (Annie) Rowland as CEO for British consulting firm Capco, which it acquired in 2021.

Global News

▪  European markets climbed on Thursday following the latest monetary policy decisions from the Bank of England and Swiss National Bank.

▪  The dollar was little changed on Thursday after the U.S. Federal Reserve maintained its interest rate cut projections for the year in the face of upside surprises on inflation, and did not strike a more hawkish tone as some investors had feared.

▪  Oil prices were slightly lower on Thursday, even after a surprise U.S. crude stock drop and the U.S. Federal Reserve sticking to its outlook on rate cuts.

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